1. Good Credit Car Finance

Getting Approved for car finance with a Good credit score

Good credit - You have well run credit accounts, on the voters roll & No CCJ's, Defaults, Missed Payments or arrears recorded on your credit file in the last 6 Years. You will be able to obtain the lowest rate Hire Purchase Car Finance agreements as the loan is secured against the vehicle the risk to the lender is minimised. We have a large panel of lenders that will look to offer a credit option from 10% APR.

Benefits of Hire Purchase Car Finance With Good Credit Rating

Once a finance lender has given you an AIP (Approval In Principle) they will require some documentation in order to confirm some of the details on your application once you've chosen your car. The amount of documentation depends on your Credit rating, Employment status and Electoral roll Status . However with todays technology it is possible to check most information Electronically without documentation

Benefits of Hire Purchase Car Finance With Good Credit Rating

As the title suggests, you hire the car from the finance company, taking responsibility for it and making monthly payments until you have paid the total amount owed. You are the registered keeper of the vehicle throughout the payment plan and then at the end of the repayment period, you have the option to take ownership of the car.

As you've paid off the cost of the car by this point, all you pay is a small admin fee. This could be anything from £1 - £299+.

HP is good if:

You want fixed monthly repayments.

You might like to own the vehicle long term.

The choice to buy or return the car at the end.

There are no mileage restrictions imposed.

You don't need to find the money to pay a large lump sum payment at the end of the agreement.

Payments are fixed over the entire period – which enables you to budget more easily

When you've paid back half of the full total repayable amount, you're free to opt for Voluntary Termination (VT) – meaning you're free to hand the car back if you need to.

HP is not good if:

Monthly payments are usually higher than for hire purchase agreements in comparison with other finance options.

The loan is secured against the car. This means that if you fail to meet your monthly repayments, the vehicle can be repossessed.

Failure to make regular repayments could also negatively impact your credit score.